Medical Technology

APAC

Highlights

The revenue in the Medical Technology market market in the Asia-Pacific region is estimated to reach US$126.30bn by 2024.
Among the various markets in this market, Medical Devices is the largest, with a projected market volume of US$103.70bn in 2024.
It is anticipated that the revenue will experience a compound annual growth rate (CAGR 2024-2029) of 6.64%, leading to a market volume of US$174.20bn by 2029.
When compared globally, the United States is expected to generate the highest revenue, estimated at US$211.10bn in 2024.
In Japan, the medical technology market is seeing a rise in demand for robotic-assisted surgeries, revolutionizing the way surgeries are performed.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Medical Technology market in APAC is experiencing significant growth and development due to various factors.

Customer preferences: Customers in APAC have a growing demand for advanced medical technologies that can provide accurate diagnoses, effective treatments, and improved patient outcomes. They are increasingly seeking minimally invasive procedures, personalized medicine, and digital health solutions. Additionally, there is a rising awareness about preventive healthcare and a shift towards home-based care, which is driving the demand for medical devices and technologies that can be used outside of traditional healthcare settings.

Trends in the market: One of the key trends in the Medical Technology market in APAC is the adoption of telemedicine and remote patient monitoring solutions. With the increasing penetration of smartphones and internet connectivity, healthcare providers are leveraging technology to reach patients in remote areas and provide them with access to quality healthcare. This trend is particularly prominent in countries with large rural populations, where access to healthcare facilities is limited. Another trend in the market is the focus on precision medicine and genomics. APAC countries are investing in research and development to understand the genetic makeup of their populations and develop targeted therapies. This trend is driven by advancements in genetic sequencing technologies and the potential to provide personalized treatments based on an individual's genetic profile.

Local special circumstances: Each country in APAC has its own unique set of circumstances that influence the development of the Medical Technology market. For example, in China, the government has implemented policies to promote domestic innovation and reduce dependence on imported medical technologies. This has led to the growth of local medical device manufacturers and increased competition in the market. In Japan, the aging population is a significant factor driving the demand for medical technologies. The country has one of the highest proportions of elderly citizens in the world, which has created a need for technologies that can support the healthcare needs of this demographic. This includes devices for monitoring chronic conditions, assistive technologies, and robotics for elderly care.

Underlying macroeconomic factors: The economic growth and rising disposable incomes in APAC countries are contributing to the development of the Medical Technology market. As people have more financial resources, they are willing to spend on healthcare services and technologies that can improve their quality of life. Additionally, governments in the region are increasing their healthcare budgets and investing in infrastructure to support the growth of the healthcare sector. Furthermore, the increasing prevalence of chronic diseases in APAC countries is driving the demand for medical technologies. Conditions such as diabetes, cardiovascular diseases, and cancer are on the rise, and there is a need for advanced diagnostic tools, treatment options, and monitoring devices to manage these diseases effectively. In conclusion, the Medical Technology market in APAC is experiencing growth and development due to customer preferences for advanced technologies, trends such as telemedicine and precision medicine, local special circumstances in each country, and underlying macroeconomic factors such as economic growth and the increasing prevalence of chronic diseases.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

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Medical technology industry - statistics & facts

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.